Interview between Linar Yakupov, Chairman at Committee of the Republic of Tatarstan for the development of Small and Medium Enterprises, Chairman of KAZANSUMMIT Organizing Committee the and Nicolas Maletitch, CIS Agency France-Presse. The correspondent of islamic-finance.ru., Internet portal also took part in the interview.

"A Roadmap for Islamic Finance in Russia" should be designed as a document, which will become a visual presentation of the step by step development scenario of the Islamic finance in Russia.

The Islamic finance industry in the UK has gone from famine to feast in the past six months, according to one of the country's leading Islamic institutions.

News stories since the financial crisis have given mixed messages regarding the success or failure of Islamic banking in weathering the financial storm. Afaq Khan, chief executive officer of Standard Chartered Saadiq, the Islamic arm of Standard Chartered Bank, spoke with Executive to set the record straight.

Daud Vicary Abdullah, global leader of Deloitte’s Islamic finance group told reporters in Dubai at the launch of the firm’s Middle East Islamic finance leaders survey that international markets such as Japan and London are actively trying to raise sharia-compliant capital in order to tap liquidity from the Gulf region.

A proposed new mosque near Ground Zero in New York may symbolise a new berthing for Islamic ideals—and finance—in the heart of arguably the world’s most important financial centre. Michael Bloomberg, Mayor of New York City and majority owner of Bloomberg L.P., the global media colossus, is an adamant supporter of the mosque.

During the meeting between President of the Republic of Tatarstan, Rustam Minnikhanov, and President of the Islamic Development Bank (IDB), Ahmed Mohammed Ali, an agreement on the establishment of the Tatarstan International Investment Company (TMIK) was signed. Later, at the press-conference, the foundation of the Centre of Halal Products was announced. Gumar Kadyrov, CEO of the OOO "Linova Trade” (Limited liability Company) gave a view of the Kazan Halal Hub, of its goals and prospects.

Is there any economic component in the political relationship between Russia and the Islamic world? Which part will the Russia-Islamic world Strategic Vision Group play in it? These issues were discussed with Alexander Torshin, first deputy chairman of the Federation Council of the Russian Federation. Together with Yunus-Bek Yevkurov, President of the Republic of Ingushetia, he headed the delegation of the fifth Global Forum “Russia and the Islamic World”, in Kuwait, on December 21-23, 2009.

The growing partnership between Russia and the Islamic world promises a flow of investments from rich countries of the Middle East in the nearest future. What prerequisites are needed for the realization of joint investment projects? Are there any difficulties?

Is it possible to use the Islamic economic model in Tatarstan? Will small business receive money if projects are financed in compliance with Sharia principles? These topics were discussed yesterday in the Chamber of commerce and industry of Tatarstan. Business community of the Republic expressed mistrust: all talk and no result. Experts opposed this opinion: nothing worse can happen

The first Muslim Investment Company has been launched in Russia. Conventional Western models of investment are not acceptable in Islam. This is the reason why special investment funds have been operated in the Middle East and Europe for fifteen years already. As a pilot project, the first Russian prototype was launched at the end of March 2010 in Kazan.

The Tatarstan International Investment Company is the first joint company between Russia and the Islamic Development Bank (the IsDB) in a long history of mutual relations. The company was officially registered in Tatarstan. The shareholders’ council consists of the largest investment and finance institutes of the Middle East and South East Asia (Yemen, Kuwait, Malaysia, and Saudi Arabia), as well as the Government of Tatarstan.

The investment products, which are offered be Sharia-compliant investment companies, should meet special requirements. “According to Islam, stock market traders should not use credit funds to assess securities and bonds; they should not conduct call transactions and conclude forward or futures contracts. Share transactions with companies, which involve manufacturing, using or selling of food additives, alcohol, pork, prohibited by Islam, are also impossible”, Yuri Mintzev, CEO of the Investment company “Brokerkreditservice”, explained.

At the end of March there was signed an agreement on establishment of the Tatarstan International Investment Company between the Republic of Tatarstan and Muslim countries. Dr. Ahmed Mohamed Ali, President of the Islamic Development Bank, spoke on prospects of Tatarstan and the 2nd International Islamic Business and Finance Summit in an in exclusive interview to Islamic-Finance.ru.

In his interview for web portal Tatcenter.ru Ravil Zaripov, Minister of Trade and Industry of the Republic of Tatarstan, touched on the theme of Islamic finance and its perspective for the republic.